MasTec, Inc. (MTZ): what the price assumes

Generated: 2026-07-29 · Exported: 2026-08-01 · Source: https://boothcheck.com/report/MTZ

Headline

Field	Value
Ticker	MTZ
Company	MasTec, Inc.
Current price	$287.19/sh
Composition	Communications 23% / Clean Energy and Infrastructure 33% / Power Delivery 29% / Pipeline Infrastructure 15% / Intersegment eliminations 0%

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Field	Value
Inversion basis	whole-company
Operating margin (value-band context)	2.8%
Operating margin today	3.9%
Margin compression (value-band)	-1.1pp
Must persist for	11.0y
Multiple paid	43x operating income

The operating-margin figure is value-band context at year 9: derived from the framework's value band, a separate calculation — not part of the priced-in solve.

Solve inputs: computed at a 10.4% cost of capital; growth searched up to the 25% self-funding ceiling; each 1pp moves the implied horizon ~2.1 years.

Reconcile: at the x-ray's 9.3% required return this reads ~8.6 years; the models below use their own rates.

How unusual the bet is: high

Reference	Value
vs own history	+0.71σ
cohort percentile (of 222 peers)	89
sustained it ~10 years at this level	14%
implied end-window share	0%

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Family	Median price/FV	Models	Reads
Asset	3.89x	4	expensive
Earnings	3.11x	2	expensive
Relative	1.82x	5	expensive
Growth	0.94x	3	justifies

Families that justify the price: Growth Families that call it expensive: Asset, Earnings, Relative

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 8.3%); the inversion above states its own rate.

Per-Model Detail (n=14)

Model	Family	FV	Price/FV	Applicable	Methodology
DCF Perpetual Growth	Growth	$112.88	2.54x	yes	FCF base $0.3B, growth 23% (input: historical growth), terminal g 4.0%, WACC 8.3%, 7yr projection
DCF Exit Multiple	Growth	$305.49	0.94x	yes	Exit EV/EBITDA: 41.3x / 43.3x / 45.3x (bear / base = today's held flat / bull), 7yr
Relative Valuation	Relative	$157.40	1.82x	yes	P/E 27.68x (blended: static sector reference 18x + trailing (TTM) 50x), scenarios: 22.3x / 27.7x / 33.0x (bear / base = reference held flat / bull), EV/EBITDA 21.4x
Simple DDM	Growth	—	—	no	—
Two-Stage DDM	Growth	—	—	no	—
Simple Excess Return	Asset	$61.75	4.65x	yes	BV/sh $42.01, ROE (TTM) 13.6%, ke 9.3%
Two-Stage Excess Return	Asset	$74.15	3.87x	yes	5yr excess ROE then converge to ke=9.3%
Discounted Future Market Cap	Growth	$326.02	0.88x	yes	Rev $15.3B, growth 23% (input: historical growth; tapered), Terminal P/S: 1.2x / 1.5x / 1.8x (bear / base = today's held flat / bull, cap 12x)
Peter Lynch Fair Value	Relative	$68.52	4.19x	yes	EPS $5.71, growth 2% (input: historical EPS growth), PEG=25.14 (Overvalued)
Margin Trajectory	Growth	—	—	no	—
Earnings Power Value	Earnings	$0.01	28718.50x	yes	Normalized EBIT (5y avg op income, one-time charges added back) $0.04B × (1−24%) / WACC 8.3% → EPV (no growth) (excluded from median)
Residual Income	Asset	$76.73	3.74x	yes	BV $42.01 + 5yr PV of (ROE (TTM) 13.6% − Kₑ 9.3%) × BV; BV grows 8.8%/yr
Graham Number	Asset	$73.46	3.91x	yes	√(22.5 × EPS $5.71 × BVPS $42.01) — Graham's conservative floor
EV/EBITDA Relative	Relative	$55.75	5.15x	yes	EBITDA $0.58B × sector EV/EBITDA 12.0x
FCF Yield	Earnings	$2.35	122.21x	yes	FCF $256.7M / Kₑ 9.3% — zero-growth perpetuity (excluded from median)
SBC-Adj FCF Yield	Earnings	$0.01	28718.50x	yes	SBC-adj FCF $0.22B (FCF $0.26B − SBC $0.04B) capitalized at Kₑ (excluded from median)
Ben Graham Formula	Earnings	$184.24	1.56x	yes	EPS $5.71 × (8.5 + 2×15.0%) × (4.4 / 5.3%)
ROIC-Justified P/B	Asset	$9.22	31.15x	yes	BV $42.01 × (ROIC 1.8% / WACC 8.3%) (excluded from median)
P/Sales Sector	Relative	$484.88	0.59x	yes	Revenue $15.28B × sector P/S 2.5x
PEG Fair Value	Relative	$214.13	1.34x	yes	EPS $5.71 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x
Earnings Yield	Earnings	$61.73	4.65x	yes	EPS $5.71 / required return 9.3% (Rf 4.3% + ERP 5.0%)
Funds From Operations Multiple	Relative	—	—	no	—
Clinical Phase NPV	Growth	—	—	no	—
Merton	Asset	—	—	no	—
V5 Mechanical	—	—	—	no	—

Solvency

Field	Value
Net debt	$2.3b
Net debt / NOPAT (after-tax)	4.96x
Net debt / operating income (pre-tax)	3.78x
Share count CAGR (dilution)	1.3%
Burning cash	no

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• MasTec builds the physical backbone of energy and communications, power lines, pipelines, fiber, and clean-energy projects, with a backlog that reached $20.33 billion, up nearly 28% year over year, a contracted pipeline of future work.
• The biggest risk is margin: construction is a thin-margin, fixed-price business, and the price assumes operating margins expand and hold well above the low-single-digit levels MasTec has historically run.
• Watch the operating margin, which improved to 3.7% last quarter from 1.3% a year earlier, the single metric that determines whether the elevated valuation is earned.

Bull Case

MasTec is best read as a mature, scaled infrastructure builder at the start of a margin-recovery cycle, with the demand backdrop firmly in its favor. The company builds and maintains the physical infrastructure behind several of the biggest spending trends in the economy: power-grid expansion, pipeline infrastructure, fiber and wireless networks, and clean-energy projects. The 10-K describes its communications work spanning "wireless and wireline/fiber networks, data center buildout and interconnection", and the demand for grid upgrades and data-center power is structural rather than cyclical. The work is contracted and visible: backlog reached $20.33 billion at quarter-end, up 27.8% year over year, which is more than a year of revenue already booked.

The most recent quarter showed both the growth and the margin inflection that define the bull case. Revenue surged 34.5% to a record $3.83 billion, with double-digit growth across every operating segment, led by a 91% jump in Pipeline Infrastructure and a 45% rise in Clean Energy and Infrastructure. More important than the top line, operating margin improved to 3.7% from 1.3% in the year-ago quarter, and adjusted EBITDA reached $283.6 million at a 7.4% margin. For a construction business, the difference between a 1% and a 4% operating margin is the difference between scraping by and earning real returns, and the recovery is the heart of the thesis.

The scale and diversification are genuine advantages at this stage. MasTec operates across four segments, so a slowdown in one, say pipeline, can be offset by strength in another, like power delivery or data-center-driven communications work. Management responded to the strong start by raising full-year 2026 guidance to about $17.5 billion in revenue, roughly 22% growth. The bull case is a leading infrastructure contractor with a record backlog, margins recovering off a trough, and exposure to the grid, fiber, and clean-energy buildouts that are set to run for years.

Bear Case

The bear case is about what the price assumes margins will become, because the entire valuation depends on a margin recovery continuing far beyond where MasTec has historically operated. At roughly 76x trailing operating income, the price embeds growth held near its self-funding ceiling for some seventeen years, an assumption only about 14% of comparable fast-growers have sustained for even a decade. That multiple looks extreme because the trailing operating margin is just 2.8%, the thin reality of a construction business. The price is not paying for today's earnings; it is paying for a future where MasTec earns a structurally higher margin on a much larger revenue base, and holds it. The most fragile assumption in the report is precisely that margin expansion is durable rather than a favorable point in the project cycle.

Construction economics make that assumption risky. MasTec derives a significant portion of revenue from fixed-price contracts, and the 10-K is explicit that "project margins will generally be reduced if actual costs to complete a project exceed our project cost estimates and we are unable to pass the increased costs" to the customer. Under fixed-price master service agreements, the company "typically set[s] the price of our services on a per unit" basis, which means cost overruns, weather delays, or labor inflation land directly on margin. A single large project gone wrong can erase a quarter's profit. The current margin recovery is real, but the business has historically swung between thin and very thin margins, and the price has priced in only the favorable end of that range.

The balance sheet adds leverage to the cyclicality. Net debt sits near $2.26 billion, roughly 5.2 times trailing operating income, the highest leverage ratio among the names in this batch, though interest coverage of 10 times is comfortable while earnings hold. The concern is what happens if the margin recovery stalls: a leveraged contractor with reverting margins has little cushion. None of the conservative valuation families reaches the price, the asset-value and earnings-power lenses sit at a fraction of it, and only the growth-DCF gets there by holding a 56x exit EBITDA multiple flat for seven years. The analysts are split on the upside, with a median target of $362, just below the current price. The bet is that a thin-margin, fixed-price construction business sustains an elevated margin and grows for many years, and the conservative methods see no support for the price if it does not.

Valuation

At $379.58 (June 27, 2026), MasTec's price makes an aggressive bet for a construction company. Inverted, it implies operating growth held near the self-funding ceiling for roughly seventeen years, which the framework labels elevated. The reason the implied multiple, about 76x operating income, looks so high is the trailing operating margin of just 2.8%, the structurally thin reality of building infrastructure. The price is effectively underwriting a future where MasTec earns a materially higher margin, the recovery toward 4% and beyond already visible in the recent quarter, on a far larger revenue base, and sustains it for years.

The valuation methods are nearly unanimous in calling the price rich. The asset-value family lands far below, with Simple Excess Return near $62 against a book value of about $42 and a trailing return on equity of 13.6%. The earnings-power family lands near $62 on a no-growth basis. The peer-multiple family lands near $56 to $188. Only the forward-growth family reaches the price, and only the exit-multiple DCF lands at it by holding a 56x EBITDA multiple flat for seven years. That is the textbook signature of a moat-and-durability premium: every static lens says expensive, and the price survives solely on the assumption that the margin recovery and backlog conversion compound for far longer than the methods will credit.

The peer cohort is the right comparison and a useful check. The engineering-and-construction group includes Quanta Services, Primoris, and EMCOR, infrastructure builders that have also re-rated on the grid-and-data-center spending wave, and MasTec trades at a premium even within that group on trailing economics. The build of the business matters here: the recurring, master-service-agreement work in power delivery and communications deserves a steadier multiple than the lumpier fixed-price project work in pipeline and clean energy, and the blended price reflects a mix the market is treating favorably. Solvency is the constraint to watch: net debt at roughly 5.2 times operating income is meaningful, covered comfortably at 10 times interest only while margins hold. The decisive variable is margin durability, whether the move from 1.3% to 3.7% operating margin is the start of a structural step-up or a high point in the project cycle that the price has mistaken for permanence.

Catalysts

The first-quarter 2026 results, reported May 1, were a record and the dominant recent catalyst. MasTec posted revenue of $3.83 billion, up 34.5% year over year, with adjusted EPS beating consensus handily and adjusted EBITDA of $283.6 million at a 7.4% margin. The most important line was the margin: operating margin improved to 3.7% from 1.3% a year earlier. The stock rose roughly 11% on the print, a sign the market read the margin recovery as durable.

The segment detail showed broad-based strength. Growth came from double-digit gains across all operating segments, led by a 91% surge in Pipeline Infrastructure and a 45% increase in Clean Energy and Infrastructure, with Power Delivery and Clean Energy highlighted as the key contributors. Backlog reached $20.33 billion, up 27.8%, providing visibility into future revenue. A growing backlog in a construction business is the leading indicator that matters most.

Management raised full-year 2026 guidance to about $17.5 billion in revenue, roughly 22% growth. Analyst sentiment is constructive but the targets bracket the price: the median sits near $362, just below the current level, with the most bullish recent target at $428. The next quarterly print is the test of whether the margin expansion holds and whether the record backlog continues to convert into the higher-margin revenue the elevated valuation requires.

Peer Cohorts (Per Segment, With Filing Citations)

Communications (reported)

• DY (DYCOM INDUSTRIES, INC.)
• FY2025 10-K: …equipment and infrastructure providers, as well as electric and gas utilities. Our customer base is highly concentrated, with our top five customers accounting for approximately 55.4%, 57.7%, and 66.7% of our total contract revenues during fiscal 2025, fiscal 2024, and fiscal 2023, respectively. 24 Table of Contents…
• FY2025 10-K: …respectively. 71 Table of Contents 20. Customer Concentration and Revenue Information Geographic Location We provide services throughout the United States. Significant Customers Our customer base is highly concentrated, with our top five customers accounting for approximately 55.4 %, 57.7 %, and 66.7 %, of our total…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …approach for our high-quality customers. With respect to our communications service offerings, which are focused on the North American market, consumer and commercial demand for communication and data-intensive, high-bandwidth wireline and wireless services and applications are driving significant investment in…
• FY2025 10-K: …and energy delivery companies, as well as governmental entities. We have estimated revenues by customer type as a percentage of total revenues below. Such estimates 8 are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …and end markets, including data centers for co-location and managed hosting customers; corporate, educational, financial, hospitality and healthcare buildings; e-commerce distribution centers; and high-tech manufacturing facilities. We also provide the design and installation of audio/visual, telephone, fire,…
• FY2025 10-K: …(loss) from operations" for each operating segment to assess performance and decide how to allocate resources. Investment gains and losses and certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. In evaluating performance of the operating…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …such as pipe, solar panels, turbines, boilers and vessels, are typically supplied by the customer. ​ Substantially all of our gas and electric distribution and communication services are provided pursuant to renewable MSAs on a "unit-price" basis. Fees on unit-price contracts are negotiated and earned based on units…
• FY2025 10-K: …the demand for our services, resulting in the delay, reduction or cancellation of certain projects and these conditions may continue to adversely affect us in the future. For example, much of the work that we perform in the highway markets involves funding by federal, state and local governments. This funding is…

Clean Energy and Infrastructure (reported)

• PRIM (Primoris Services Corporation)
• FY2025 10-K: …segment. ​ ​ ● Power Delivery, inspection, maintenance, and replacement of electrical utility infrastructure - We are experiencing strong tailwinds in our power delivery business due to increased demand for electricity in the United States. Electric utilities continue to invest in grid resiliency, modernization,…
• FY2025 10-K: …increased power demand, and the intermittency of renewable power resources, gas powered generation will still be needed, not withstanding some opposition to these traditional generation sources. In addition, the historically low price of natural gas could result in the continued replacement of higher carbon emitting…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …E-Infrastructure Solutions business is driven by our customers' investments in the development of data centers, advanced manufacturing centers, e-commerce distribution centers and warehouses. We foresee significant growth opportunities tied to the implementation of multi-year capital deployment plans by data center…
• FY2025 10-K: 10.15 (1)(2) Form of Senior Executive Incentive Compensation Program - Program Description (adopted 2025). 10.16 (1)(2) Form of Time-Based Restricted Share Unit Agreement (adopted 2025). 10.17 (1)(2) Form of Performance-Based Restricted Share Unit Agreement (adopted 2025). 19.1 Insider Trading Policy (incorporated by…
• GVA (GRANITE CONSTRUCTION INC)
• FY2025 10-K: …storage and other power-related projects. The Materials segment focuses on production and delivery of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in our construction projects and for sale to third parties. See Note 21 of "Notes to the Consolidated Financial Statements" for…
• FY2025 10-K: …hot mix aggregates and concrete aggregates. Internal controls Mining operations include risk in estimation of mineral reserves and mineral resources that could be impacted by unforeseen geologic circumstances, changes in regulation or changes in sales and customers. The risk that these estimates would be unreasonable…
• PWR (Quanta Services, Inc.)
• FY2025 10-K: …To accommodate this growth, we expect continued demand for new or expanded transmission, substation and distribution infrastructure to reliably transport power to meet demand driven by electrification, data centers and manufacturing reshoring, as well as the modification and reengineering of existing infrastructure…
• FY2025 10-K: …multi-year grid modernization and reliability programs, as well as system upgrades and hardening programs in response to recurring severe weather events. We have also experienced high demand for new and expanded transmission, substation and distribution infrastructure needed to reliably transport power. In…
• ROAD (Construction Partners, Inc.)
• FY2025 10-K: …of materials. We and our affiliates are also subject to government inquiries in the ordinary course of business seeking information concerning our compliance with government construction contracting requirements and various laws and regulations, the outcome of which cannot be predicted with certainty. In the opinion…
• FY2025 10-K: …bridges, airports and other forms of infrastructure. Public transportation infrastructure projects historically have been a relatively stable portion of state and federal budgets and represent a significant share of the United States construction market. Federal funds are allocated on a state-by-state basis, and each…
• MTRN (MATERION CORPORATION)
• FY2025 10-K: …0001104657 2025 FY false http://fasb.org/us-gaap/2025#TangibleAssetImpairmentCharges http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentGross http://fasb.org/us-gaap/2025#PropertyPlantAndEquipmentGross…
• FY2025 10-K: …represent the Company's best estimate of what is reasonably possible and cover existing or currently foreseen projects based upon current facts and circumstances. For sites where the investigative work and work plan development are substantially complete, the Company does not believe that it is reasonably possible…

Power Delivery (reported)

• PWR (Quanta Services, Inc.)
• FY2025 10-K: …and energy delivery companies, as well as governmental entities. We have estimated revenues by customer type as a percentage of total revenues below. Such estimates 8 are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional…
• FY2025 10-K: …To accommodate this growth, we expect continued demand for new or expanded transmission, substation and distribution infrastructure to reliably transport power to meet demand driven by electrification, data centers and manufacturing reshoring, as well as the modification and reengineering of existing infrastructure…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …to improve reliability, reduce congestion, connect to new power generation sources and support future load growth. Consequently, we believe we will see continued bidding activity on large transmission projects going forward. The timing of multi-year transmission project awards and substantial construction activity is…
• FY2025 10-K: …individual project performance, project location and other items, to support the CODM's assessment of segment performance and resource allocation decisions. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …segment. ​ ​ ● Power Delivery, inspection, maintenance, and replacement of electrical utility infrastructure - We are experiencing strong tailwinds in our power delivery business due to increased demand for electricity in the United States. Electric utilities continue to invest in grid resiliency, modernization,…
• FY2025 10-K: …was the substantial completion of a major substation project in our power delivery market in the second half of 2023. ​ Operating income increased $50.5 million, or 56.6%, during 2024 compared to 2023. The increase is primarily due to increased gross profit. Gross profit as a percentage of revenue increased to 10.6%…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …and end markets, including data centers for co-location and managed hosting customers; corporate, educational, financial, hospitality and healthcare buildings; e-commerce distribution centers; and high-tech manufacturing facilities. We also provide the design and installation of audio/visual, telephone, fire,…
• FY2025 10-K: …fabrication and services. Our Industrial Services business includes the maintenance and repair of alternating current (AC) and direct current (DC) electric motors and generators, as well as power generating and distribution equipment; the manufacture, re-manufacture, and repair of industrial lifting magnets; the…

Pipeline Infrastructure (reported)

• PWR (Quanta Services, Inc.)
• FY2025 10-K: …for safety, reliability and environmental purposes, and regulatory measures have increased the frequency and stringency of pipeline integrity testing requirements that require our customers to test, inspect, repair, maintain and replace pipeline infrastructure to ensure that it operates in a safe, reliable and…
• FY2025 10-K: …approach for our high-quality customers. With respect to our communications service offerings, which are focused on the North American market, consumer and commercial demand for communication and data-intensive, high-bandwidth wireline and wireless services and applications are driving significant investment in…
• PRIM (Primoris Services Corporation)
• FY2025 10-K: …increased power demand, and the intermittency of renewable power resources, gas powered generation will still be needed, not withstanding some opposition to these traditional generation sources. In addition, the historically low price of natural gas could result in the continued replacement of higher carbon emitting…
• FY2025 10-K: …which could reduce demand for our services or delay our ability to complete projects. Additionally, our failure to comply with applicable regulations could result in substantial fines or revocation of our operating licenses, as well as give rise to termination or cancellation rights under our contracts or disqualify…
• DY (DYCOM INDUSTRIES, INC.)
• FY2025 10-K: …are increasingly deploying fiber optic cable technology deeper into their networks and closer to consumers and businesses in order to respond to consumer demand, competitive realities, and public policy support. Additionally, wireless carriers are upgrading their networks and contemplating next generation mobile…
• FY2025 10-K: …customers audit compliance with these laws. Further, several of our customers require that we ensure our subcontractors comply with these laws with respect to the workers that perform services for them. A failure to comply with these laws or to quickly adapt to regulatory changes could damage our reputation and may…
• MYRG (MYR GROUP INC.)
• FY2025 10-K: …of manufacturing, will require significant investment by our customers in both of our reporting segments. Our C&I bidding opportunities remain strong and we believe we will see continued opportunities in the primary markets we serve such as data centers, transportation, health care, manufacturing, clean energy and…
• FY2025 10-K: …processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general…
• STRL (Sterling Infrastructure, Inc.)
• FY2025 10-K: …E-Infrastructure Solutions business is driven by our customers' investments in the development of data centers, advanced manufacturing centers, e-commerce distribution centers and warehouses. We foresee significant growth opportunities tied to the implementation of multi-year capital deployment plans by data center…
• FY2025 10-K: …to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. 61 STERLING INFRASTRUCTURE, INC. & SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following table presents our participation in these plans: Pension Trust Fund Pension Plan…
• GVA (GRANITE CONSTRUCTION INC)
• FY2025 10-K: …storage and other power-related projects. The Materials segment focuses on production and delivery of aggregates, asphalt concrete, liquid asphalt and recycled materials for internal use in our construction projects and for sale to third parties. See Note 21 of "Notes to the Consolidated Financial Statements" for…
• FY2025 10-K: …integrated operations across Alaska, Arizona, California, Kentucky, Louisiana, Mississippi, Nevada, Oregon, Tennessee, Utah and Washington in addition to regional civil construction home markets in the Midwest, Florida and Texas. Our Construction segment also operates national businesses within the Tunnel division…
• IESC (IES Holdings, Inc.)
• FY2025 10-K: …quality, timeliness and price. We believe that we have a competitive advantage due to our breadth of capabilities, focus on quality, technical support, customer service, and financial resources. Seasonality and Quarterly Fluctuations Infrastructure Solutions' revenues from its custom-engineered bus systems and…
• FY2025 10-K: …to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. In our Residential Single-family business and our Infrastructure Solutions Industrial Services business, our contracts are generally in…
• EME (EMCOR Group, Inc.)
• FY2025 10-K: …oil, gas, and petrochemical industries and consist of: • Refinery turnaround planning and engineering services; • Specialty welding services; • Overhaul and maintenance of critical process units in refineries and petrochemical plants; • Specialty technical services for refineries and petrochemical plants; •…
• FY2025 10-K: (c) replacement and new construction capital projects for refineries and petrochemical plants; (d) instrumentation, controls, and electrical services for energy infrastructure; and (e) other related specialty services such as: (i) welding (including pipe welding) and fabrication; (ii) heater, boiler, and reformer…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.

Sources

MTZ FY2025 10-K · MasTec Q1 2026 results, May 2026 · MarketBeat, 2026